Minogue family divest Hawthorn office
The Minogue family is banking close to $20 million for a Hawthorn office acquired mid-construction in 2007.
The price for 108-110 Church Street reflects a circa 4.9 per cent net passing yield.
Adelaide-based teacher turned Spendless Shoes founder John Charlton, via an entity, Schumacher Road Pty Ltd, is the buyer.
The Minogue family’s former local commercial property portfolio included shops in Canterbury’s Maling Road and CBD self storage assets.
The Hawthorn deal comes nine months since Kylie sold an Armadale terrace, held for 30 years as an investment, for $1.715m.
108-110 Church Street
The Minogue family paid Les Smith’s LAS Investments $12.5m for 108-110 Church St.
On a 1592 square metre Commercial 1 zoned plot, the property includes a three storey glass building connected to a historic double storey terrace.
All up with 2368 sqm of A-grade lettable area, part of the asset was used as the headquarters for KDB Pty Ltd, an investment vehicle for Kylie, Dannii and brother Brendan, and their parents, Ron and Carol (story continues below).
There is also a two level basement car park with 70 bays.
CBRE’s Scott Orchard, who marketed the investment with Tom Ryan and Jimmy Tat, sold it following two rounds of negotiations; an expressions of interest campaign closed on November 5.
Elsewhere in Hawthorn, earlier this year, Prime Value paid $17.5m – a price reflecting a 5.4pc return – for a three level office at 11-23 Burwood Road.
APH meanwhile, in June, announced plans to replace its five storey headquarters at 852-858 Glenferrie Rd with a seven level, 82-room guesthouse, which will trade as a Novotel.
Last month, a Coles supermarket in the suburb traded for $24.5m reflecting a 1.9pc return – the lowest ever recorded for an Australian investment of this type.
Hawthorn is about six kilometres east of Melbourne.
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